What is NFT?
NFT stands for Non-Fungible Token. These tokens are used to represent ownership of unique items. They allow us to tokenize things like art, collectibles, and even real estate.
The blockchain protects the ownership of the asset, meaning that no one can change the ownership record or copy/paste a new NFT. Non-fungibility is an economic term that you could use to describe things like your house, your diary, or your furniture. These items are not interchangeable with other items because they have unique properties.
On the other hand, fungible items can be exchanged because they are determined by their value, not their unique properties — for example, money.
Why Should You Care about NFT?
NFTs can represent digital or real objects such as art and real estate. The “tokenization” of these real tangible assets makes their buying, selling, and trading more efficient while reducing the likelihood of fraud. NFTs can represent people’s identities, property rights, and more. With this technology proving ownership becomes easier than before.
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What is NFT NYC?
NFT.NYC is a community event founded by Jodee Rich and Cameron Bale back in 2018. The idea was to bring NFT creators and collectors together in one place, whether using NFT for art, music, gaming, or web development is all welcome. There is no better place where you can see the future of Web3 and entertainment in one place.
Showing how far NFTs have come in 5 years, NFT.NYC now covers over 16 non-fungible token use cases, including art, photography, music, and film. There were 5,600 attendees in 2021.
The event brings together NFT leaders, influencers, developers, and fans in New York. NFT.NYC hosts the industry’s most prevalent debates, opinion leaders, workshops, and briefings from top blockchain names and brands.
What is an NFT Wallet?
NFT wallet is a regular cryptocurrency wallet that, in addition to conventional tokens such as BTC, ETH, and USDT, is also compatible with non-fungible protocols such as ERC, TRC, and BEP. In addition, such wallets usually have several integrations with NFT marketplaces and DeFi projects that allow you to issue, manage and trade such assets.
Which NFT Wallet Should I Use?
The most striking examples of NFT wallets are Metamask, Enjin, Math Wallet, Trust Wallet, and AlphaWallet.
These wallets allow you to store, buy and sell NFTs. They have a simple and intuitive interface and integration with NFT marketplaces such as OpenSea, Rarible, and Blur, where you can create your own non-fungible token and put it up for auction.
Examples of NFT Applications
NFT technology can be used in music, event ticketing, virtual real estate, gaming, food and drink, supply chain, decentralized finance loans, art and collectibles, fashion, and Web3 identification.
For example, artists can tokenize their songs and albums, pay royalties to creators and producers, and sell their digital goods as an additional source of income if they choose.
In “foodverse,” a subset of the metaverse, you can buy and sell recipes, ingredients, and entire dishes as NFTs. Entrepreneurs can now easily verify and track items along the supply chain, from raw materials to finished products.
How to Mint an NFT?
Here is a simple step-by-step guide:
- Pick your item. Any unique digital asset that you own intellectual property rights to.
- Choose your blockchain. Determine the blockchain technology you intend to use.
- Set up your digital wallet. You’ll need some cryptocurrency connected to your digital wallet to fund your initial investment.
- Select your NFT marketplace. Find a platform that’s a good fit for your NFT and connect it to your digital wallet.
- Upload your file. Follow your chosen NFT marketplace guide to convert your digital file into a marketable NFT.
- Set up the sales process. Choose how you want to sell your NFT and set a price.
How Much does it Cost to Create an NFT?
The cost of minting NFTs varies by platform and is often determined by several variables. The cost of minting NFTs is also typically adjusted for the various transaction costs incurred by different platforms. Ethereum and Solana are the most expensive and cheapest blockchains, respectively.
The average cost to mint or create an NFT can range from less than $1 to over $1,000. The main cost of NFT minting comes from blockchain fees. Sometimes, the Ethereum blockchain, at its busiest times, will charge a fee of up to $500 to create a single NFT.
NFTs to Look For
Invisible Friends NFT
The Invisible Friends NFT collection is part of the Random Characters Collective, a group of 3 NFT projects that were designed by Swedish animator Markus Magnusson, including SlimHoods and MOODVERSE. Each project is independent and unique, bringing its style to the space.
Invisible Friends includes 5,000 animated ‘invisible’ characters, each with a unique combination of traits. Owning the Invisible Friends NFT will grant access to member-only events and merchandise. In addition, holders will also receive priority access to exclusive NFT collections and even free airdrops.
For example, all Genesis owners will receive a special edition of Kith Friends. Owners were also able to claim all of the exclusive products from the Kith for Invisible Friends capsule collection in February 2023.
Markus Magnusson is the talent behind the Invisible Friends NFT collection. This Swedish artist has created, drawn, and animated all the amazing characters the community loves so much today.
The Invisible Friends has teamed up with Kith, the clothing brand, and BMW, the German luxury vehicle manufacturer in 2022 to create a collaborative partnership on NFT clothing and accessories.
NFT Memes
Needless to say, it’s been several years since memes became a niche among online communities. The NFT/crypto space is especially well-versed on the Internet. Therefore, it is not surprising how important memes are for the NFT culture.
First, some of the earliest NFT sales involved classic memes, such as the disapproving kid. Clearly, memes and inside jokes are a vital part of the everyday language of NFT lovers.
George Floyd NFT
NFTs showcasing George Floyd began circling the space a week after the US police officer who killed Floyd pleaded not guilty. The anonymous curator took to Twitter to promote the first Floydies collection by posting images and a link to the NFT on OpenSea. The post got over 3,000 likes and around 4,000 retweets in the first three weeks.
The Floydies NFT Collection was originally announced at OpenSea: “Owning a Floydie is a great way to express yourself and your beliefs! Floydies is a unique and progressive way to celebrate the monumental life of George Floyd.”
However, many viewers tweeted their concerns about NFTs, which soon led to the NFT market curtailing the fall in digital assets. On the other hand, some viewers believe that the Floydies are a “memory” of the life of George Floyd.
Despite this, the original collection was unsuccessful before being removed. The most expensive NFT was around 0.05 ETH, but most of them were selling for 0.007 ETH.
Tory Lanez NFT
Tory Lanez NFT is an NFT collection that is created by Tory Lanez. The Canadian rapper, singer, and producer has unveiled his first-ever NFT collection with Decentar Labs. His first collection, known as 3NITY, was launched on January 14th, 2022.
The 3NITY collection is deflationary, meaning that periodic burning will make the collection scarce. This adds to the overall value of the 3NITY NFT. The collection was launched without a waiting list.
3NITY is a representation of the “trinity” of oneself. It depicts the constant struggle that all people face between their moral conscience (“Super-Ego” or angel), reality (“Ego” or “I”), and the primitive, sexual, and aggressive parts of their nature (“Id” or demons).
A three-headed collection represents 3NITY:
- a human head;
- an angel head;
- a demon head.
They all represent a diverse form of existence that Decentar Labs calls 3NITY. Each head has a different form of rarity and will be represented by muses. A canceled celebrity will represent the demon’s head.
FAQs
How to Mint an NFT?
To mint an NFT, you should find the object you want to tokenize. Then you choose the blockchain that suits your needs best (supports NFT minting, offers low gas fees, and fast execution). After that, you connect your crypto wallet (that can hold NFTs) and get your token right on it.
How Much does it Cost to Create an NFT?
It depends on which blockchain you want to create your token. For example, the average minting cost in Solana is 0.00001 SOL (about $0.01). At the same time, considered one of the most expensive blockchains, the average cost of minting NFTs on Ethereum is between 16 and 20 gwei, or between $0.38 and $0.46 (in early 2023).
How to Invest in NFT?
All you need to do is to choose an NFT you want to buy. After that, you should check if it is listed on any marketplace. If so, you must register on this platform and connect your wallet. Be sure to check if your balance has a sufficient amount of tokens to buy it (buying with USDT will not work, you should deposit some ETH, FLOW, or SOL, depending on the marketplace). Also, don’t forget about gas fees.
